Depository Institutions Deregulation And Monetary Control Act
The Depository Institutions Deregulation and Monetary Control Act of 1980 (, ) (often abbreviated DIDMCA or MCA) is a United States federal financial statute passed in 1980 and signed by President Jimmy Carter on March 31. Purposes DIDMCA gave the Federal Reserve greater control over non-member banks. * It forced all banks to abide by the Fed's rules. * It relaxed the rules under which national banks could merge. * It removed the power of the Federal Reserve Board of Governors under the Glass–Steagall Act to use Regulation Q to set maximum interest rates for any deposit accounts other than demand deposit accounts (with a six-year phase-out). * It allowed Negotiable Order of Withdrawal accounts to be offered nationwide.Gilbert, Alton. "Requiem for Regulation Q: What It Did and Why It Passed Away", Federal Reserve Bank of St. Louis: pp. 31-33/ref> * It raised the deposit insurance of US banks and credit unions from $40,000 to $100,000. * It allowed credit unions and savings a ...
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